Saving for Retirement - Student Employees

Not sure if you are participating in the VRSP? The simplest way to check is to look at your payroll statement.

To enroll in the VRSP, log in to CUBES; select "Retirement" and follow the prompts.

Overview

The VRSP is a defined contribution 403(b) plan that lets you contribute from 1% to 80% of your eligible pay on a pre-tax and/or Roth basis, in half percentages, through convenient payroll contributions.

• Eligibility begins on date of hire.
• You are always 100% entitled to the value of your own contributions.
• The IRS sets a maximum contribution limit each year, which applies to combined contributions, pre-tax and Roth:
  • The 2024 maximum contribution is $23,000 (plus $7,500 if you are age 50 and over, for a total of $30,500).
• The Social Security wage base is $176,100 in 2025.
• Your own contributions are not eligible for employer matching contributions.

You have a wide range of funds to choose from for investing your savings, available through TIAA and/or Vanguard.

Pre-Tax Contributions

Pre-tax contributions to the VRSP are deducted from your paycheck with only FICA taxes withheld. 

Making pre-tax contributions allows you to defer paying income taxes until you make a withdrawal from your retirement account. 

Roth Contributions

A Roth contribution is money that you contribute to your VRSP after taxes. Roth contributions are taxable like the rest of your current pay.

Because Roth contributions are deposited into a VRSP after taxes were deducted, withdrawals will be tax free, subject to certain rules. 

^Disclaimer

^{This website summarizes certain features of the Voluntary Retirement Savings Plan (VRSP) and the Officers’ Retirement Plan. The information provided is only an overview of these plans and is not intended to provide full details, which are contained in the official plan documents. If any statements on this website or verbal representations are inconsistent with the official plan documents, the official plan documents will always govern. Columbia University reserves the right to change or terminate any plan, at any time, for any reason. This is in no way intended to imply a contract of employment or a guarantee of returns on savings and investments.}